Stone Street Acquires Two Apartment Properties in Manhattan’s Gramercy Park for $123M
NEW YORK CITY — Stone Street Properties has acquired two apartment properties in the Gramercy Park submarket of New York City for a total of $123 million. The properties are located at 210 and 220 E. 22nd St. They are situated just east of the Flatiron District, near the East River.
The buildings sold for a little more than $1,030 per square foot. The acquisition includes 208 rental units, with an average rent of $3,450 per month.
The communities are situated near Peter Cooper Village, the National Arts Club and the Union Square Subway. They are one block from Gramercy Park.
The property at 210 E. 22nd St. was built in 1982. It features 88 units throughout eight floors. Amenities include a doorman, elevator, laundry facilities on every floor and an on-site super.
The property at 220 22nd St. was built in 1930. It features 122 units throughout six stories. This community also features a doorman, elevator and an on-site super.
Broad Street Development and Crow Holdings originally listed the properties for sale this past April for a targeted price of $130 million. The partners purchased the property for $85 million in 2012. Broad and Crow have invested about $4 million in renovations since that time.
HFF’s Andrew Scandalios represented the sellers in the transaction.
New York-based Stone Street Properties acquires, operates and manages multifamily properties throughout the state.
Broad Street Development is a full-service, privately held real estate developer, investor and operator. It is also based in New York.
Crow Holdings is a Dallas-based real estate development and investment company.